The UHL announced Andrei Deniskin's punishment on Wednesday ... saying in addition to the 3-game ban, the HC Kremenchuk player could also face an additional 10-game suspension as well.

The league, though, said Deniskin could pay a fine instead of serving the extra 10 games ... making the whole thing feel like nothing more than a slap on the wrist.

Of course, many believed Deniskin's punishment should've been way more harsh ... considering he crossed every line imaginable during his game against HC Donbass on Sunday.

Cameras caught the hockey player directing a banana peeling and eating gesture with his hands toward Jalen Smereck ... after the two had gotten into an altercation on the ice.

The taunt was appalling ... and, in fact, Smereck was so offended by it, he said he would not play another game in the UHL unless Deniskin was booted from the league.

Officials attempted to explain Deniskin's punishment was not more severe due to an agreement between the country's hockey governing bodies.

"The matter was given to the @IIHFHockey of Ukraine’s Disciplinary Committee by the #UHL in accordance with a long-standing agreement between the Federation and the Ukrainian Hockey League," said Eugene Kolychev, the general manager of the UHL.

"The Ukrainian Hockey League and I stand with Jalen #Smereck and thank all of the fans and media who have offered their support to him. The @uhlua believes that there is no place for racism in the world in which we live, let along in the hockey community."